EAT THE RICH: 52% TAX RATE IN CA

December 6, 2012 1:52 am  

(Sacramento Bee) –  Thanks to passage of Proposition 30 last month, high-income Californians would pay the nation’s highest marginal income tax rates — nearly 52 percent — if President Barack Obama and Congress fail to make a deal to avoid the so-called “fiscal cliff,” according to a new study.

Without a fiscal cliff deal to the contrary, the Bush era tax cuts on high-income taxpayers would expire next year and rates would return to their previous levels.

Gerald Prante, an economics professor at Lynchburg College in Virginia, and Austin John, a Lynchburg economics student, calculated marginal tax rates — the highest rates on the highest levels of income — for all 50 states. They combined state, federal and, where applicable, local income taxes, plus payroll taxes for Social Security and Medicare and included the deductibility of some taxes.

Proposition 30 added three percentage points to the marginal state income tax rate for California’s highest-income taxpayers, bringing it to 13.3 percent. That action raised California over other high-tax jurisdictions to a marginal rate of 51.9 percent, slightly higher than New York City’s level. Hawaii was the only other place with a calculated rate above 50 percent.

Their report was published by the Social Science Research Network.

http://blogs.sacbee.com/capitolalertlatest/2012/12/high-income-californians-may-pay-nations-highest-tax-rate.html

Domino's Pizza CEO says calorie counts in health care reform bill present 'difficult' task
IRS Finalizes New Tax For Medical Devices Under ObamaCare

Top Stories

WATCH – Official Risks Her Life To EXPOSE What Obama’s Muslim ‘Sl... (Angry Patriot) - This is newly revealed information is crazy, and it will really open up your eyes to what is actually happening inside of our nation...
WATCH: CIA Agent Breaks Silence and Blows the Whistle to Reveal O... (Angry Patriot) – A former CIA analyst dropped a massive bombshell on the Obama administration. If the media had any integrity left, they’d be digging...
BOOM=> House Intel Chair: We Cannot Rule Out That Sr. Obama Offic... (Gateway Pundit) – House Intelligence chair, Devin Nunes confirmed that President-elect Trump and his transition team were surveilled between Election...
BREAKING – Official House Investigation CONFIRMS Obama Admin Wire... 'Intelligence community incidentally collected information' (WND) - President Trump’s tweet claiming the Obama administration “wiretapped” Trump To...
Ex-CIA Agent Comes Forward, Admits What Obama Secretly Did to Ame... (Angry Patriot) - Many of Obama’s decisions on national security were nonsensical, but former CIA agent Clare Lopez has shed light on Obama’s agenda, ...
BOMBSHELL: Barack Obama Secretly Spied on Conservative Hero. Surp... (Angry Patriot) – The evidence against Barack Obama keeps piling up, and this time the media cannot explain it away. During the Department of Justi...

Comments


Please help us stay spam-free. Mouse over a spam post and click the X to report spam.

Web Analytics